TIDMTHR
RNS Number : 9362R
Thor Mining PLC
10 November 2021
10 November 2021
Thor Mining PLC
AGM Statement
Thor Mining PLC ("Thor") (AIM, ASX: THR, OTCQB: THORF) announces
that at the Company's Annual General Meeting ("AGM"), to be held at
10 a.m. (GMT) today, Thor's Managing Director, Nicole Galloway
Warland, will make the following statement to shareholders:
"For the first time as Managing Director, I am delighted provide
an update on progress across Thor's project portfolio at this
year's AGM. 2021 has seen Thor make excellent strides in the
development of its projects and brought us to an exciting moment
where we have multiple drill programmes underway
simulataneously.
At the Ragged Range gold project, located in Eastern Pilbara, a
maiden 3,000m Reverse Circulation (RC) drilling campaign recently
commenced, targeting eight high-quality gold anomalies in the
central portion of the Sterling Prospect, along a structurally
controlled 13km gold corridor. In May 2021, Thor was awarded
A$160,000 from the Western Australia Government under the
Government EIS Co-funded grants program to drill test stream and
soil gold anomalies at the Sterling Prospect.
At the Alford East Copper-Gold ISR project in South Australia,
we reported a number of high grade copper and gold intersections
including 72.7m @ 1% Cu and 0.19g/t Au from 6.3m. Recently pump
testing showed favourable water characterisation and permeability
for the potential of In-Situ Recovery (ISR) of copper-gold
mineralisation. Thor's use of the low-impact and sustainable ISR
technique at Alford East is a testament to the Company's innovative
vision and ESG values, and these pump test results will allow the
Thor to progress the project towards ISR assessment and
development.
Drilling has also commenced at the Molyhil
tungsten-molybdenum-copper Project, in the Northern Territory. This
is to test a newly identified, large magnetic target adjacent to
the known tungsten-molybdenum-copper mineralisation. The target is
interpreted to be an offset of this mineralisation. In June 2021,
Thor was awarded A$110,000 for Molyhil from the Northern Territory
Government as part of the Resourcing the Territory, Geophysics and
Drilling Collaborations (GDC) program.
At our Wedding Bell uranium vanadium Project in Colorado, USA we
are diligently working through the permitting process, to drill
test three high quality 'saltwash' style prospects, including
Section 23 previously untested.
We are also pleased to report the recent completion of due
diligence enabling the divestment of the Company's Pilot Mountain
project to Power Metal Resources Plc for US$1.8m. This divestment
will allow Thor to focus on its copper and gold projects and
provide further capital to accelerate exploration activities.
At Kapunda, EnviroCopper Limited, are progressing their studies
into extracting copper and gold via ISR from the Kapunda deposit.
We now await permitting approval for Site Environmental Lixiviant
Trials (SELT), the final phase for assessment of copper-gold
recovery, which we hope to receive in the coming month.
With exciting advancement expected across our portfolios during
the remainder of 2021 and into 2022, we thank our shareholders for
their continued support and look forward to updating them on our
progress in due course."
- Ends -
For further information on the Company, please visit
www.thormining.com or contact the following:
Thor Mining PLC
Nicole Galloway Warland, Managing Director Tel: +61 (8) 7324 1935
Ray Ridge, CFO / Company Secretary Tel: +61 (8) 7324 1935
WH Ireland Limited (Nominated Adviser Tel: +44 (0) 207 220 1666
and Joint Broker)
Jessica Cave / Darshan Patel / Megan
Liddell
Jasper Berry (Corporate Broking)
SI Capital Limited (Joint Broker) Tel: +44 (0) 1483 413
500
Nick Emerson
Yellow Jersey (Financial PR) thor@yellowjerseypr.com
Sarah Hollins / Henry Wilkinson / Matthew Tel: +44 (0) 20 3004 9512
McHale
Updates on the Company's activities are regularly posted on
Thor's website www.thormining.com , which includes a facility to
register to receive these updates by email, and on the Company's
twitter page @ThorMining .
About Thor Mining PLC
Thor Mining PLC (AIM, ASX: THR; OTCQB: THORF) is a diversified
resource company quoted on the AIM Market of the London Stock
Exchange, ASX in Australia and OTCQB Market in the United
States.
The Company is advancing its diversified portfolio of precious,
base, energy and strategic metal projects across USA and Australia.
Its focus is on progressing its copper, gold, uranium and vanadium
projects, while seeking investment/JV opportunities to develop its
tungsten assets.
Thor owns 100% of the Ragged Range Project, comprising 92 km(2)
of exploration licences with highly encouraging early-stage gold
and nickel results in the Pilbara region of Western Australia, for
which drilling is currently underway.
At Alford East in South Australia, Thor is earning an 80%
interest in copper-gold deposits considered amenable to extraction
via In Situ Recovery techniques (ISR). In January 2021, Thor has
announced an Inferred Mineral Resource Estimate of 177,000 tonnes
contained copper & 71,000 oz gold.(1)
Thor also holds a 30% interest in Australian copper development
company EnviroCopper Limited, which in turn holds rights to earn up
to a 75% interest in the mineral rights and claims over the
resource on the portion of the historic Kapunda copper mine and the
Alford West copper project, both situated in South Australia, and
both considered amenable to recovery by way of ISR.(2) (3)
Thor holds 100% interest in two private companies with mineral
claims in the US states of Colorado and Utah with historical
high-grade uranium and vanadium drilling and production
results.
Thor holds 100% of the advanced Molyhil tungsten project,
including measured, indicated and inferred resources , in the
Northern Territory of Australia, which was awarded Major Project
Status by the Northern Territory government in July 2020.
Adjacent to Molyhil, at Bonya, Thor holds a 40% interest in
deposits of tungsten, copper, and vanadium, including Inferred
resource estimates for the Bonya copper deposit, and the White
Violet and Samarkand tungsten deposits.
Notes
(1)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210127-maiden-copper.gold-estimate-alford-east-sa.pdf
(2)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf
(3)
www.thormining.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf
(4)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210408-molyhil-mineral-resource-estimate-updated.pdf
(5)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf
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